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Aloha
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In this newsletter:
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Unique Oceanfront Residence 
5171 Lower Honoapiilani Road
Napili
$6.5M (FS)
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May Short-Term Rental Legislation Updates
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The following is the latest communication we sent to our short-term property owners regarding the significant economic importance of STRs for Maui.
It is important to share the following facts when speaking with clients on this matter, and we will continue to send you the latest legislation updates and program communications as this situation develops.
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As a follow-up to our email regarding the recent proposed legislation to phase out more than 7,000 legal vacation rentals on Maui, we believe it is important to ensure attention is brought to the financial impact short-term rentals have on the County’s budget.
We are members of the Maui Vacation Rental Association, and they have compiled stats from the last six years to document property tax trends for short-term property owners compared to other classifications.
Highlighted below, and linked here, are some very interesting stats compiled at the end of 2023. A few points to emphasize from this study:
- Short-term rentals generated 40% of real property tax revenue this fiscal year (FY23-24), or $213.7M. This amount represents 20% of the county’s operating budget. This is the largest single revenue-generating category in the real property tax classifications.
- Hotels contributed only $51M, compared to STRs at $213.7M.
- The short-term rental category is the only category that has seen 6 consecutive years of increased tax revenue generation.
- The classifications of Hotel/Resort, Timeshare, Non-Owner Occupied and TVR/STR together comprise 84% of the Real Property Tax revenues in this fiscal year. That figure was 56% in FY2018-2019.
This information is substantial and cannot be ignored. We strongly advise you to use these statistics when talking about this subject or providing testimony on the suggested bill. When getting ready to testify, keep in mind that even though this law would greatly affect individual property owners, the planning commission and county council are likely to prioritize the broader implications over the concerns of a single homeowner.
If you are interested in becoming more involved with Maui short-term rental protection, we encourage you to join the Maui Vacation Rental Association, learn more here. Additionally, you can sign up to receive their email correspondence here.
We are already seeing repercussions in the market as listings, price reductions, and Escrow cancellations have all risen. We will continue to keep you informed, and please let us know of any questions you may have.
Mahalo Nui Loa,
Ken Smith R(S), Melissa Smith R(B), Gregory Smith R(B)
The Smith Team
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Market Watch
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Active
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Pending
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Sold
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Change
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Homes
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263 (229)
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154 (119)
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756 (506)
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-3 |
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Condos
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576 (295)
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113 (60)
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988 (386)
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+39 |
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Land
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178 (84)
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31 (5)
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184 (81)
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NC |
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Total
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1017 (608)
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298 (184)
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1928 (973)
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+36 |
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1. The numbers in parentheses reflect the number of listings over $1M
2. Sold listings are for the previous 12 months.
3. Change is the increase or decrease in the number of active listings from the previous week.
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Homes Over $1M
1 West Makahakaha Loop
Wailuku
$1.199M (FS) |
This home features a very private green grass wraparound backyard with stellar Haleakala views and a fully fenced in yard. Massive outdoor living space, 3 bedrooms, 2 bath home enjoying an optimal floorplan designating guest bedrooms in a separate wing from the primary bedroom. 2 car garage and a concrete driveway deep enough to fit up to 4 cars.
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2730 Keikilani Street
Pukalani
$1.425M (FS) |
This fully renovated 1,750 square ft 3 bedroom 2 bath with cozy 450 square ft Ohana is an idyllic upcountry home for the family. With new oak flooring throughout, the expansive floor plan features a living room and family room with an inviting newly remodeled kitchen at the center. The fashion of this home speaks to an excellent quality of intentional craftsmanship.
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 10 Meakoho Place
Kula
$1.699M (FS) |
This exquisite property spans over half an acre, boasting two fully renovated homes with separate entrances, ensuring privacy and convenience. The main residence, a beautifully crafted 1,480 sq ft home, features a two-car garage and a private yard, ideal for intimate gatherings or serene solitude. Every detail has been meticulously upgraded in 2022.
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359 Kenolio Road
Kihei
$1.95M (FS) |
Discover the true Hawaiian lifestyle at this expansive estate in the heart of Kihei. Situated a block from the ocean, the main residence boasts stunning ocean views and features 4 bedrooms and 3 bathrooms, cleverly divided into two separate living areas. This exceptional opportunity to secure your piece of paradise.
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1001 Kupulau Drive
Kihei
$3.88M (FS) |
Have it all with gorgeous ocean views. Private entrance and half of an acre. Single level at Maui Meadows Dream home. Beautifully refurbished expansive living room. 4 spacious bedrooms, 3 full bathrooms and two half bathrooms. Magnificent solar heated pool. Large lanais.
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Homes Under $1M
1041 Mahanani Place
Makawao
$750K (FS) |
Quaint 3 bed, 2 bath home in the heart of Makawao. Located near Eddie Tam Recreational Center, down Maha Rd. Dwelling is vacant, with new appliances (range, refrigerator, washer, dryer) carpets, kitchen cabinets, window dressings. Second bath is located in storage room back of carport and laundry area. Additional storge on northeast side. Property is completely enclosed with hollow tile wall and fencing.
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216 Waipahe Place
Kihei
$849.9K (FS) |
Bank Owned. Great potential in this contractor's special at the end of a cul de sac in the desirable neighborhood of Waimahaihai in South Kihei. Shopping, parks, beaches, virtually every convenience is just minutes away. You can't beat this price for a home in South Kihei.
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926 Makani Road
Pukalani
$850K (FS) |
Incredible opportunity to own, private flag lot. 2 bed, 1 bath cottages on this lot and possible room for more. First time on the market. Easy access to town and Pukalani amenities. Cathedral ceilings in one of the cottages. Bring your imagination to create your own up country oasis with this large level lot.
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Vacation Condos Over $1M
Kaanapali Shores 513
Kaanapali
$1.359M (FS)
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Spectacular location. 5th floor 2 bedroom 2 bathroom. Excellent ocean views from the remodeled suite. Granite counter tops, tiled flooring throughout, custom plantation style interior doors. If you are looking for incredible value on Maui's West Side, chose the Aston Kaanapali Shores Resort.
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Kamaole Sands 5-408
Kihei
$1.499M (FS)
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This fully-furnished 2 bedroom, 2 bathroom sanctuary spans nearly 1200 sq.ft offering a spacious retreat for relaxation and entertainment. Stay cool with air conditioning units strategically placed in the open concept living, dining, kitchen, loft area and the main floor bedroom, complemented by four ceiling fans throughout.
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Palms at Wailea 604
Wailea
$1.999M (FS)
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This beautifully maintained 2 bedroom unit had an impressive premium full remodel in 2022 to create the ultimate space for comfort and hospitality. Completely redone modern kitchen is fully equipped with stainless steel appliances, new cabinets, new quartz counters, new tile backsplash, and bespoke shelves.
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Kapalua Bay Villas 37B2-4
Kapalua
$2.645M (FS)
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This single level 2 bedroom enjoys an ideal location at the Bay Villas. As you step into this beautifully designed residence. The spacious open floor plan seamlessly blends indoor and outdoor living, with expansive sliding glass doors that lead to three private lanais, perfect for enjoying spectacular sunsets and gentle ocean breezes.
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Wailea Ekahi 32-A
Wailea
$3.05M (FS)
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Absolutely beautiful villa with every surface upgraded. These quintessential properties are few and far between. Located on the greenbelt, in the lower village, within close proximity to the Pavilion Pool, unit has very nice ocean views. The recently completed, 6 month designer remodel, spared no expense, with all very high end finishes, including the significant upgrade of all new exterior Western brand sliding doors.
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Vacation Condos Under $1M
Kalama Terrace P-107
Kihei
$599K (FS) |
This charming 1 bedroom, 1 bath condominium offers the perfect blend of island living and modern comfort. As you step into the serene haven of our condominium, you're greeted by lush tropical gardens enveloping the property. The meticulously landscaped garden area boasts vibrant flora creating a vibrant tapestry of colors and scents that instantly transport you to paradise.
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Pacific Shores B-312
Kihei
$799K (FS) |
This meticulously maintained 2 bedroom, 2 bathroom condominium is highly coveted within the Pacific Shores community and is offered with one deeded parking space. Located a short distance from Charley Young Beach and Cove Park, this property offers the best of the Maui beach lifestyle. All the best of Kihei dining.
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Pacific Shores B-316
Kihei
$875K (FS) |
This 2 bedroom and 2 full bathroom condominium was beautifully remodeled top to bottom in 2016 with stainless steel appliances, granite counter tops and ceramic tiled floors. It is used currently as a well-appointed vacation rental, but would work well as a primary or second home. There is a pool and BBQ area with a hot tub in the center of the complex for your enjoyment.
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Kihei Garden Estates G-204
Kihei
$899K (FS) |
Welcome to beautiful Kihei Garden Estates where lush surroundings bring peace and tranquility to your light and airy 2 bedroom condo. Sky high ceilings and floor to ceiling windows grace your living room inviting plentiful natural light in. Even still, one can’t help but be drawn outdoors to your spacious lanai, which opens to a green courtyard full of tropical foliage - precisely what you dream about when you think of Hawaii.
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Residential Condos Over $1M
Hokulani Golf Villas 100
Kihei
$2.39M (FS)
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Perched within the Maui Nui Golf course, this upscale home is among the newest in South Maui. Enjoy an open feeling with high ceilings and Maui’s sunshine streaming in from the tall windows. An expansive kitchen includes granite island and countertops, bar seating and everything one would want to create amazing meals and memories.
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Wailea Point 2004
Wailea
$4.388M (FS)
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This immaculately maintained 2 bedroom, 3 full bath Villa has been thoughtfully designed and appointed to entertain friends & family in comfort and is offered fully furnished and move-in ready. The highly sought after upper B floor plan features a custom staircase and loft area which provides an additional sleeping area for guests.
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Residential Condos Under $1M
Maui Lani Terrace G-205
Honokowai
$420K (FS)
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Wonderful property located across the street from the beach, walking distance to Farmer's Market, grocery store, and several local restaurants and shops. Pool located within the complex has a BBQ area and bathrooms. In Lahaina school district. This unit offers a full-size kitchen, ocean views from lanai/balcony, washer/dryer and comfortable living areas.
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Southpointe at Waiakoa 3-205
Kihei
$518K (FS)
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Discover the potential in this 2 bedroom, 1.5 bathroom second floor unit, awaiting your creative vision. This unit offers the perfect opportunity for buyers looking to update and create their own space and style. The unit is positioned opposite of the parking area with the lanai and bedrooms facing foliage creating privacy between buildings. Tile flooring in the living, kitchen and hallway areas. Two assigned tandem parking spaces.
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Kihei Shores D-204
Kihei
$569.9K (FS)
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Bank Owned. Unit in turnkey condition and has a stackable washer/dryer closet. 2 bedrooms and 2 full bathrooms. Complex features in ground pool, hot tub and kids pool. This property is subject to a 30-Day First Look Period.
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Vacant Land
1503 Piihana Road
Wailuku
$499.9K (FS)
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This is country living in town. Some of the surrounding lots are cluttered but if you want a really big lot for way less than what's on the market. Compare to all the other subdivision lots in the 96793 zip code and lot 57 is by far the very best value for sale. Water lateral is in the ground. Water meter is available and just needs to be dropped into the box. Lot 56 is contiguous and has his meter.
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